COMPANY REGISTRATION NUMBER:
11759921
Shared Construction Services Limited
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Filleted Unaudited Financial Statements
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Shared Construction Services Limited
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Period from 10 January 2019 to 31 December 2019
Statement of financial position
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1
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Notes to the financial statements
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2
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Shared Construction Services Limited
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Statement of Financial Position
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31 December 2019
Current assets
Debtors
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5
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1,161,317
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Cash at bank and in hand
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97,035
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1,258,352
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Creditors: amounts falling due within one year
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6
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1,204,819
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Net current assets
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53,533
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--------
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Total assets less current liabilities
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53,533
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Net assets
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53,533
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--------
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Capital and reserves
Called up share capital
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7
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100
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Profit and loss account
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53,433
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Shareholders funds
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53,533
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
15 December 2020
, and are signed on behalf of the board by:
Company registration number: 11759921
Shared Construction Services Limited
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Notes to the Financial Statements
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Period from 10 January 2019 to 31 December 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, Middlesex, HA2 0DH, United Kingdom. The business address of the company is 2-3 Little Burrow, Welwyn Garden City, Hertfordshire, AL7 4SP, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
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5.
Debtors
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31 Dec 19
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£
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Prepayments and accrued income
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731,158
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Other debtors
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430,159
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1,161,317
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6.
Creditors:
amounts falling due within one year
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31 Dec 19
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£
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Trade creditors
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48,676
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Accruals and deferred income
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1,800
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Corporation tax
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24,262
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Social security and other taxes
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1,023,857
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Other creditors
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106,224
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1,204,819
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7.
Called up share capital
Issued, called up and fully paid
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31 Dec 19
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No.
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£
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Ordinary shares of £ 1 each
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100
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100
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During the period, 100 £1 ordinary shares were issued to form the capital base of the company.
8.
Related party transactions
The company was under the control of Mr. Diviney, the managing director and majority shareholder, throughout the current period. Transactions entered into during the period, under normal commercial terms, with companies with common interests were as follows:- Ground Construction Limited At the reporting date £103,688 was owed by Ground Construction Limited in respect of a short-term interest free loan.